Construction contract

Thyagarajan (Querist) 13 March 2012 This query is : Resolved
While allocating flats to buyers the builder intimates them the payment schedule expected of them that is at what stage of construction what percentage of total cost of construction is to be made. In many cases in Chennai the execution of construction contracts are made by the builder at the time of realization of full sum.
Is there any case when judiciary especially Supreme Court had fixed the money(percentage of full sum) that can be collected from the buyer without executing construction contracts by the builder.

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V R SHROFF (Expert) 13 March 2012
Payment terms are private contract, though ownership of flat act have certain guidelines.

Deepak Nair (Expert) 13 March 2012
IN my knowledge, there is no such guidelines from the government.

Raj Kumar Makkad (Expert) 13 March 2012
There is no straight jacket formula to decide the cost or its payment schedule.

Guest (Expert) 13 March 2012
Every business activity on mutual terms is not covered in law or citations, unless something illegal is brought forward to the notice of the courts.

Shonee Kapoor (Expert) 14 March 2012
Agreed with experts. no formula.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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